Credit card companies want you to fall behind and start racking up debt, Zero CEO Bryce Galen tells Business Insider. That’s how they make their money. That can, however, be brutal for the consumer, and it’s one reason millennials have drifted toward debit cards.
The second wave of the fintech boom is here, says David Sica, a principal at venture capital firm Nyca Partners. First came the startups with their ideas, now banks are leveraging those ideas and delivering to customers.
International Business Machines Inc. is becoming the biggest backer of a technology that underpins the Bitcoin digital currency. In the coming year, IBM will begin testing its own variation on the transactional software known as blockchain, aiming to simplify life for customers who lease IBM’s computer hardware, the company said.
Zendrive, a startup that uses smartphone sensors to measure drivers’ behavior, has raised $13.5 million in Series A funding led by Sherpa Capital, with participation from Nyca Partners, Thomvest Ventures, and earlier backers First Round Capital, BMW i Ventures, Fontinalis Partners. Tad Montross, who’s the chairman and CEO of General Re Corporation, also joined the round.
For more than half a decade, a seemingly irresistible momentum has been building around the idea that finance and technology are converging at a historical inflection point, a combination of business transformation and competitive disruption that has come to be labeled fintech.